q1 2016 condo market report · first quarter 2016 first quarter 2016 total treb mls® condo...

$393,589

$364,087

First Quarter 2016 First Quarter 2015

Condo Market Report TREB Member Inquiries:

(416) 443-8158Media/Public Inquiries:

(416) 443-8152

Strong Condo Sales and Price Growth in Q1 2016TORONTO, April 22, 2016 – Toronto Real Estate Board President Mark McLeanannounced that Greater Toronto Area REALTORS® reported 5,974 condominiumapartment sales through TREB’s MLS® System during the first quarter of 2016 – anincrease of 21.2 per cent compared to the first quarter of 2015. Approximately 70per cent (4,131 sales) of first quarter 2016 transactions occurred in the City ofToronto.

The same annual rate of growth was not experienced for new listings. There were11,112 new condominium apartment listings entered into TREB’s MLS® System inthe first quarter – down 1.7 per cent compared to the same period in 2015.

“It is clear that the demand for condominium apartments more than kept up with thesupply of listings in the first quarter of this year. This housing type is an importantentry point into home ownership for a lot of GTA households, particularly in the Cityof Toronto. Recent polling undertaken for TREB by Ipsos suggested thatapproximately half of home purchases made in the GTA this year would beaccounted for by first-time buyers,” said Mr. McLean.

The average condominium apartment selling price was $393,589 in the first quarter– up 8.1 per cent compared to Q1 2015. Similarly, the MLS® Home Price Indexbenchmark price for apartments was up by 7.1 per cent on a year-over-year basis atthe end of March.

“While the condominium apartment market segment remains the best supplied in theGTA, market conditions have tightened considerably since the first quarter of 2015.Not surprisingly, the pace of year-over-year price growth has accelerated over thesame period of time,” said Jason Mercer, TREB’s Director of Market Analysis.

TREB MLS® AverageCondo Apartment Price

Economic Indicators

Condominium Apartment Market Summary

Sources and Notes:

i - Statistics Canada, Quarter-over-quartergrowth, annualized

ii - Statistics Canada, Year-over-yeargrowth for the most recently reportedmonth

iii - Bank of Canada, Rate from mostrecent Bank of Canada announcement

iv - Bank of Canada, rates for mostrecently completed month

5,9744,930

First Quarter 2016 First Quarter 2015

Real GDP GrowthQ4 2015 0.8%

Toronto Employment GrowthMarch 2016 3.4%

Toronto Unemployment RateMarch 2016 7.3%

Inflation (Yr./Yr. CPI Growth)February 2016 1.4%

Bank of Canada OvernightRateMarch 2016 -- 0.50%

Prime RateMarch 2016 -- 2.70%

2016 2015Sales Average Price Sales Average Price

Total TREB

Halton Region

Peel Region

City of Toronto

York Region

Durham Region

Other Areas

5,974 $393,589 4,930 $364,087

177 $359,147 167 $340,649

862 $290,081 681 $287,314

4,131 $423,166 3,448 $385,617

673 $375,840 522 $356,471

118 $281,506 103 $241,083

13 $263,731 9 $209,389

First Quarter 2016

First Quarter 2016Total TREB MLS®

Condo Apartment Rentals

Year-Over-Year Summary

1,6

1,6

1,6

2016 2015 % Chg.SalesNew ListingsActive ListingsAverage PriceAverage DOM

5,974 4,930 21.2%11,112 11,302 -1.7%5,245 6,238 -15.9%

$393,589 $364,087 8.1%31 34 -8.8%

Active listings refer to last month of quarter.i

Mortgage Rates March 20161 Year3 Year5 Year

3.14%3.39%4.64%

1 Year3 Year5 Year

------ 1,6

Toronto Real Estate Board

Condo Market Report, First Quarter 2016

SUMMARY OF CONDOMINIUM APARTMENT TRANSACTIONS FIRST QUARTER 2016ALL TREB AREAS

2

Sales Dollar Volume Average Price Median Price New Listings Active Listings Avg. SP / LP Avg. DOMTREB TotalHalton Region

BurlingtonHalton HillsMiltonOakville

Peel RegionBramptonCaledonMississauga

City of TorontoToronto WestToronto CentralToronto East

York RegionAuroraE. GwillimburyGeorginaKingMarkhamNewmarketRichmond HillVaughanWhitchurch-Stouffville

Durham RegionAjaxBrockClaringtonOshawaPickeringScugogUxbridgeWhitby

Dufferin CountyOrangeville

Simcoe CountyAdjala-TosorontioBradford WestGwillimburyEssaInnisfilNew Tecumseth

5,974 $2,351,302,337 $393,589 $345,000 11,112 5,245 98% 31177 $63,569,038 $359,147 $315,000 364 198 98% 3553 $18,002,350 $339,667 $307,000 113 67 97% 319 $2,749,500 $305,500 $315,000 10 3 98% 3329 $9,567,038 $329,898 $334,500 47 14 99% 2886 $33,250,150 $386,630 $321,250 194 114 98% 40

862 $250,049,717 $290,081 $272,000 1,454 598 98% 30142 $35,614,800 $250,808 $245,000 223 89 98% 321 $496,000 $496,000 $496,000 2 1 99% 13

719 $213,938,917 $297,551 $279,000 1,229 508 98% 304,131 $1,748,096,729 $423,166 $370,000 7,802 3,734 98% 30809 $282,116,448 $348,722 $323,000 1,522 737 98% 32

2,708 $1,284,597,027 $474,371 $405,000 5,372 2,633 98% 31614 $181,383,254 $295,412 $269,950 908 364 98% 27673 $252,940,626 $375,840 $350,000 1,322 661 98% 3524 $9,005,338 $375,222 $349,000 39 14 99% 270 - - - 1 1 - -2 $535,500 $267,750 $267,750 2 1 98% 458 $3,299,500 $412,438 $407,750 22 16 98% 103

256 $97,286,381 $380,025 $347,000 508 254 98% 3515 $4,860,200 $324,013 $300,000 18 4 101% 15

171 $59,035,075 $345,234 $325,000 323 153 98% 36196 $78,393,632 $399,968 $386,000 403 213 98% 341 $525,000 $525,000 $525,000 6 5 98% 9

118 $33,217,727 $281,506 $257,500 150 39 99% 2521 $6,073,477 $289,213 $258,000 29 8 101% 240 - - - 0 0 - -19 $4,824,250 $253,908 $230,000 29 14 100% 2414 $3,268,500 $233,464 $213,750 17 3 100% 2542 $12,615,100 $300,360 $286,000 49 11 98% 280 - - - 0 0 - -6 $1,826,400 $304,400 $305,750 4 0 99% 2816 $4,610,000 $288,125 $289,500 22 3 101% 156 $1,716,500 $286,083 $274,000 6 0 99% 126 $1,716,500 $286,083 $274,000 6 0 99% 127 $1,712,000 $244,571 $219,000 14 15 95% 650 - - - 0 0 - -2 $424,000 $212,000 $212,000 3 2 96% 140 - - - 0 0 - -0 - - - 0 1 - -5 $1,288,000 $257,600 $219,000 11 12 95% 85

1 1 1 1 2 3 4 5


SUMMARY OF CONDOMINIUM APARTMENT TRANSACTIONS FIRST QUARTER 2016CITY OF TORONTO

3

Sales Dollar Volume Average Price Median Price New Listings Active Listings Avg. SP / LP Avg. DOMTREB TotalCity of Toronto TotalToronto West

Toronto W01Toronto W02Toronto W03Toronto W04Toronto W05Toronto W06Toronto W07Toronto W08Toronto W09Toronto W10

Toronto CentralToronto C01Toronto C02Toronto C03Toronto C04Toronto C06Toronto C07Toronto C08Toronto C09Toronto C10Toronto C11Toronto C12Toronto C13Toronto C14Toronto C15

Toronto EastToronto E01Toronto E02Toronto E03Toronto E04Toronto E05Toronto E06Toronto E07Toronto E08Toronto E09Toronto E10Toronto E11

5,974 $2,351,302,337 $393,589 $345,000 11,112 5,245 98% 314,131 $1,748,096,729 $423,166 $370,000 7,802 3,734 98% 30809 $282,116,448 $348,722 $323,000 1,522 737 98% 3269 $29,219,780 $423,475 $395,000 105 46 100% 3562 $28,940,118 $466,776 $416,000 96 31 100% 1917 $5,457,300 $321,018 $298,000 25 7 99% 1749 $12,713,250 $259,454 $256,000 97 41 98% 3473 $17,107,300 $234,347 $231,000 150 92 98% 42

205 $81,470,379 $397,416 $361,000 451 242 98% 397 $3,082,000 $440,286 $379,000 25 15 97% 28

213 $78,670,623 $369,346 $328,000 368 167 99% 2940 $9,656,497 $241,412 $210,750 61 32 96% 2874 $15,799,201 $213,503 $228,601 144 64 98% 29

2,708 $1,284,597,027 $474,371 $405,000 5,372 2,633 98% 311,131 $534,057,086 $472,199 $410,000 2,332 1,164 98% 29

97 $95,665,875 $986,246 $695,000 264 165 98% 3432 $17,866,300 $558,322 $534,950 88 52 98% 3036 $18,434,700 $512,075 $385,500 55 26 100% 2753 $18,242,700 $344,202 $327,000 71 35 98% 51

192 $78,769,941 $410,260 $390,000 360 169 98% 28349 $163,377,457 $468,130 $423,400 653 287 99% 3028 $28,037,653 $1,001,345 $784,000 64 32 97% 3476 $41,587,417 $547,203 $481,750 171 70 98% 2260 $17,286,788 $288,113 $279,000 96 38 98% 2634 $25,739,200 $757,035 $573,000 64 33 97% 3284 $31,568,000 $375,810 $349,250 154 66 99% 28

327 $137,175,034 $419,496 $400,800 573 276 98% 35209 $76,788,876 $367,411 $337,500 427 220 98% 34614 $181,383,254 $295,412 $269,950 908 364 98% 2741 $23,322,380 $568,839 $531,000 72 18 99% 1928 $13,843,780 $494,421 $437,500 40 16 101% 3229 $7,074,600 $243,952 $212,000 40 15 98% 3179 $17,477,080 $221,229 $225,000 113 42 97% 2990 $27,439,476 $304,883 $288,500 138 54 99% 239 $3,629,200 $403,244 $345,000 13 7 101% 28

113 $30,469,470 $269,641 $272,000 165 78 98% 3142 $9,497,313 $226,127 $208,963 57 21 98% 23

127 $36,441,755 $286,943 $275,700 191 85 98% 3111 $1,888,400 $171,673 $209,900 22 10 99% 1945 $10,299,800 $228,884 $242,000 57 18 99% 23


1 1 1 1 2 3 4 5


Condominium Apartment Market Summary

4

Condo Apartment Sales by Price Range (All Areas)

Source: Toronto Real Estate Board


Condo Apartment Price by Bedroom (All Areas)

69%

14%

11%

2% 3%

69%

14%

11%

2% 3%

City of TorontoPeel RegionYork RegionDurham RegionHalton Region

1%

19%

24%

33%

16%

7% 1%

19%

24%

33%

16%

7%

BachelorOne BedroomOne Bedroom + DenTwo BedroomTwo Bedroom + DenThree Bedroom

0 500 1,000 1,500 2,000

0-199,999200K-299,999300K-399,999400K-499,999500K-599,999600K-699,999700K-799,999800K-899,999900K-999,999

1,000,000+

Selli

ng P

rice

Ran

ge

Number of Sales

$0

$50,000$100,000

$150,000$200,000

$250,000

$300,000$350,000

$400,000$450,000

$500,000

Bachelor One Bedroom One Bedroom+ Den

Two Bedroom Two Bedroom+ Den

ThreeBedroom

Total

Average Selling Price Median Selling Price



Share of Total Condo Apartment Sales By TREB Area

Share of Total Condo Apartment Sales By Bedroom Type (All Areas)


1


Sub-Market Breakdown: Downtown Core

5

Condo Apartment Sales by Price Range (Downtown Core)


Condo Apartment Price by Bedroom Type (Downtown Core)



Condo Apartment Sales By Bedroom Type (Downtown Core)

0 200 400 600

0-199,999

200K-299,999

300K-399,999

400K-499,999

500K-599,999

600K-699,999

700K-799,999

800K-899,999

900K-999,999

1,000,000+

Selli

ng P

rice

Ran

ge

Number of Sales

$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000$900,000

$1,000,000

BachelorOne Bedroom

One Bedroom + DenTwo Bedroom

Two Bedroom + DenThree Bedroom

Total

Average Selling Price Median Selling Price0 100 200 300 400 500 600

53

436

446

349

163

33

Bachelor

One Bedroom

One Bedroom + Den

Two Bedroom

Two Bedroom + Den

Three Bedroom


1


Sub-Market Breakdown: North York City Centre

6

Condo Apartment Sales by Price Range (North York City Centre)


Condo Apartment Price by Bedroom Type (North York City Centre)



Condo Apartment Sales By Bedroom Type (North York City Centre)

0 50 100 150 200

1

79

111

178

119

31

Bachelor

One Bedroom

One Bedroom + Den

Two Bedroom

Two Bedroom + Den

Three Bedroom$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000$400,000

$450,000

$500,000

BachelorOne Bedroom

One Bedroom + DenTwo Bedroom

Two Bedroom + DenThree Bedroom

Total



0 80 160 240

0-199,999

200K-299,999

300K-399,999

400K-499,999

500K-599,999

600K-699,999

700K-799,999

800K-899,999

900K-999,999

1,000,000+

Selli

ng P

rice

Ran

ge

Number of Sales

1


Sub-Market Breakdown: Mississauga City Centre

7

Condo Apartment Sales by Price Range (Mississauga CityCentre)


Condo Apartment Price By Bedroom Type (Mississauga City Centre)



Condo Apartment Sales By Bedroom Type (Mississauga CityCentre)

0 20 40 60 80 100 120

0

51

102

93

80

6

Bachelor

One Bedroom

One Bedroom + Den

Two Bedroom

Two Bedroom + Den

Three Bedroom$0$50,000

$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$550,000$600,000

One Bedroom One Bedroom +Den

Two Bedroom Two Bedroom+ Den

Three Bedroom Total



0 200

0-199,999

200K-299,999

300K-399,999

400K-499,999

500K-599,999

600K-699,999

700K-799,999

800K-899,999

900K-999,999

1,000,000+

Selli

ng P

rice

Ran

ge

Number of Sales

1


Rental Market Summary

8

Condo Rental Market Tightens in Q1 2016


Number of Units Rented


Average One-Bedroom Rents

Number of Units Listed


There were 6,458 condominium apartment rental transactions reportedthrough TREB’s MLS® System during the first quarter of 2016. This resultrepresented a year-over-year increase of 6.5 per cent compared to the firstquarter of 2015.

The number of condominium apartments listed for rent at some point duringthe first quarter of 2016 was down year-over-year for the TREB market areaas a a whole and for the major nodes of condominium apartmentdevelopment.

Tighter market conditions resulted in growth in average rents for popular one-bedroom and two-bedroom apartment types, both for TREB market area as awhole and in the major condominium apartment nodes.

$0

$400

$800

$1,200

$1,600

$2,000

Total TREB Downtown Core North York City Centre Mississauga City Centre

20162015

Q1 2016 vs. Q1 2015

Q1 2016 vs. Q1 2015 Q1 2016 vs. Q1 2015

0

5001,000

1,5002,000

2,500

3,0003,500

4,0004,500

5,000

5,5006,000

Downtown Core North York City Centre Mississauga City Centre

20162015

0

500

1,000

1,500

2,000

2,500

3,000

Downtown Core North York City Centre Mississauga City Centre

20162015



Share of GTA CondoApartments In Rental

NOTES1 - Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TREB MLS® system between thefirst and last day of the quarter being reported.2 - New listings entered into the TREB MLS® system between the first and last day of the quarter being reported.3 - Active listings as of the end of the last day of the quarter being reported.4 - Ratio of the average selling price to the average listing price for firm transactions entered into the TREB MLS® system between the first and last dayof the quarter being reported.5 - Average number of days on the market for firm transactions entered into the TREB MLS® system between the first and last day of the quarter beingreported.6 - Past monthly and year-to-date figures are revised monthly.

9

Source: CMHC, Rental Market Report

Source: CMHC, Rental Market Report

18.4%

25.6%

32.4%

26.6%

15.3%

Halton Peel Toronto York Durham

0.6%

2.1%

1.8% 1.8%

1.4%

Halton Peel Toronto York Durham

GTA Condo ApartmentVacancy Rate

Condo Market Report, First Quarter 2016 Copyright® 2016 Toronto Real Estate Board

q1 2016 condo market report · first quarter 2016 first quarter 2016 total treb mls® condo...

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